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This study examines whether the audit report lag of Korean companies is associated with an accounting accruals level. Timely disclosure of audited financial statements is considered to be important si...
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This study examines whether the audit report lag of Korean companies is associated with an accounting accruals level. Timely disclosure of audited financial statements is considered to be important since the financial statement plays an important role in reducing the information asymmetry. In this context, prior studies investigated numerous factors that affect audit report lag, i.e., the length of time taken by external auditors to complete audits. While many factors, including audit risk, financial condition, and audit technology, have been examined, no studies have examined the effects of accounting accrual levels. Accounting accrual levels, as measured by absolute accounting accruals divided by sales, have been argued to represent the level of uncertainty and potential errors in financial statements. Therefore, auditors who need to maintain a certain level of audit quality would devote more audit effort in the audit process for firms with high levels of accounting accruals, resulting in increased audit report lag.
For the empirical analysis, 374 listed firms are selected for the sample. Except for accounting accrual levels, many other factors may affect the audit report lag. For examples, Big 5 auditors, firm size, financial condition, net operating loss, qualified audit opinion, and extraordinary items are such factors. These factors are incorporated into statistical model as control variables. Both univariate and multivariate analyses are employed to test the prediction. Also, cross-sectional and time-series models are used to test. The empirical results indicate that, after controlling for other related variables, the accrual levels are positively related to the audit report lag. That is, as accrual level increases, the audit report lag increases, while controlling for other factors that have been reported to affect the audit report lag. This result indicates that auditors perceive a high audit risk for firms with high accounting levels and increases the audit efforts.
For sensitivity analysis, discretionary accruals of cross-sectional Jones' model are substitute for accounting accrual levels. But the result of this sensitivity test is the same as the main result. Another sensitivity analysis is conducted. The accounting accrual levels are divided into current and non-current accruals. The effect of non-current accruals on the audit report lag is significant, but that of current accruals is not. This sensitivity test result indicates that the effect of accounting accruals is due to the uncertainty perceived by the auditor and is not due to the characteristics of financial statements items such as accounting receivables, inventories and accounting payables. These sensitivity tests support the theoretical framework of our paper.
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ABSTRACT
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REFERENCES